We just launched Money Archives, a new experience where we’re digitizing decades of our print Money magazines. This is the fourth in a series of Then and Now stories that examine how personal finance — and our coverage of it — has evolved over time.
In July 1999, a company by the name of Uniprime Capital Acceptance, Inc. announced it was developing a cure for HIV.
Unsurprisingly, the announcement sparked investors’ interest. Reports of Uniprime’s potential breakthrough were shared on the then-popular message board Raging Bull at lightning speed, causing Uniprime’s shares to soar from $1.50 to $8 in two days. In fact, more than 5.2 million shares changed hands on the stock’s busiest day (compared to its typical daily volume of under 100,000 shares).
The only problem? Uniprime wasn’t actually a health care company — it was a car dealership in Las Vegas. And seven months after this buying frenzy started, Uniprime’s shares were trading at 3 cents a share.
